Shanghai: China Shipping Container Lines (CSCL) announced that it has signed agreements with CMA CGM and United Arab Shipping Co (UASC) to form a new alliance called Ocean Three. The alliance comes in the wake of Maersk and MSC forming a vessel sharing agreement called 2M.
The alliance will combine vessel sharing, slot charter and slot exchange agreements and cover four services between Asia and North Europe; four Asia-Mediterranean services, and seven services between Asia and North America. It would have an estimated 20% market share of Asia-Europe services and 13% market share on the transpacific.
CSCL said the agreement will operate for two years and then be automatically extended if none of the parties raise objections.
CMA CGM said it expected that the alliance would formally launch at the end of the year, depending on clearance from the US Federal Maritime Commission. [10/09/14]